How does the climate risk affect the firm growth: Evidence from China
気候リスクは企業成長にどのように影響するか：中国からのエビデンス (AI 翻訳)
Yanxuedan Zhang, Zirong Li
🤖 gxceed AI 要約
日本語
本研究は、2008年から2022年までの中国A株上場企業のデータを用いて、気候リスクが企業成長に与える影響を逆U字型の非線形関係として明らかにした。適度な気候リスクは技術革新や資金調達拡大などの適応戦略を促進し成長を促進するが、一定の閾値を超えると資源制約が強まり成長が低下する。また、金融発展の程度が閾値に影響し、金融が発展した地域では企業が気候リスクを長期的な挑戦として捉えやすいことを示した。
English
This study uses Chinese A-share listed firm data from 2008-2022 to reveal an inverted U-shaped relationship between climate risk and firm growth. Moderate climate risk promotes growth through adaptive strategies like technological upgrades and financing expansion, but beyond a threshold resource constraints cause a decline. Financial development moderates the inflection point, allowing firms in developed regions to view climate risk as a long-term challenge.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国のデータに基づくが、日本のSSBJ等の気候関連リスク開示やグリーンファイナンス政策において、気候リスクが企業成長に与える非線形効果や金融発展の調整効果を考慮する示唆を与える。
In the global GX context
This paper contributes to the global climate risk literature with empirical evidence from China, highlighting the non-linear effect on firm growth and the moderating role of financial development, which is relevant for TCFD/ISSB reporting and transition finance.
👥 読者別の含意
🔬研究者:Provides empirical evidence of an inverted U-shaped climate risk-growth relationship and the moderating role of financial development.
🏢実務担当者:Suggests firms can leverage moderate climate risk for growth via adaptive strategies, but must monitor thresholds.
🏛政策担当者:Indicates that financial development supports firms in turning climate risk into a challenge, informing climate adaptation policies.
📄 Abstract（原文）
Corporate development is threatened by climate risk, which challenges business operations and long-term planning at an unprecedented scale and frequency. Based on the challenge–threat theory framework, this study uses data from Chinese A-share listed companies from 2008 to 2022 to systematically explore the effect of climate risk on firm growth and its transmission mechanisms. The findings indicate that (1) climate risk exhibits an inverted U-shaped non-linear relationship with firm growth. Moderate climate risk promotes firm growth by stimulating adaptive strategies (e.g., technological upgrades and financing expansion), but once the threshold is exceeded, resource constraints intensify, leading to a significant decline in growth potential. (2) Climate risk influences internal control quality and operational cost control efficiency through managers’ cognitive assessments (challenges or threats), which, in turn, indirectly affect the potential for firm growth by reducing agency costs, improving earnings quality, expanding profit margins, and lowering credit risks. (3) The level of financial development moderates the inflection point of climate risk. In financially developed regions, firms have greater access to credit resources, and managers maintain a more persistent perception of climate risk as a challenge. Their inverted U-shaped inflection point is significantly higher than that of firms in less developed regions, enabling them to view climate risk as a long-term challenge and sustain its promotional effect. This study integrates macro- and micro-perspectives to reveal the double-edged sword effect of climate risk. The theoretical foundation and practical insights can help enterprises respond to climate risk dynamically and formulate differentiated policies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1371/journal.pone.0343426first seen 2026-07-01 05:54:24
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